BioFish (BFISH) Q4 2024 earnings summary

Executive summary

• Achieved solid operational finish to a challenging year, delivering 523 tons of smolt in 2024, meeting guidance and increasing revenue to NOK 48.9 million.

• Completed acquisition of Biofish Land AS, securing full facility and land ownership.

• Secured multiple long-term agreements with top-tier salmon farmers, increasing order backlog to 720 tons per year for 2025-2027.

• Initiated strategic review to explore growth opportunities, with updates expected by end of Q2 2025.

• Sufficiently financed for planned operations and investments, with no need for capital raising.

Financial highlights

• Q4 2024 revenue of NOK 12.2 million from 155 tons smolt deliveries; no sales in Q4 2023.

• FY 2024 revenue NOK 48.9 million; EBITDA NOK -9.9 million; net loss NOK 29.6 million, larger YoY due to operational upgrades.

• Equity ratio at 69.6% (Q4 2023: 75.2%); long-term interest-bearing debt NOK 49 million, reduced YoY.

• Capex for facility upgrades NOK 7.7 million, in line with guidance.

• Cash and cash equivalents at year-end were NOK 3.2 million, up from NOK 1.3 million at end of 2023.

Outlook and guidance

• 2025 volume guidance reiterated at 900-1,100 tons; two-thirds of 2025 capacity already sold.

• Improved cash position, positive cash flow and net profits expected from Q1 2025 onwards.

• Strategic review process ongoing to explore growth opportunities and increase shareholder value.